Section 172 (1) Statement - Succession Wealth Management

This statement is provided by Succession Wealth Management Limited. All references to Group within this statement relate to the Succession Jersey Limited Group.

Section 172 of the Companies Act 2006 (s.172) requires directors of a company to act in the way they consider would most likely promote the success of the Company for the benefit of its members as a whole. Directors must act in good faith and pursuant to s.172 consideration must be given to:

  • a) the likely consequences of any decisions in the long term,

  • b) the interests of the Company’s employees,

  • c) the need to foster the Company’s business relationships with suppliers, customers and others,

  • d) the impact of the Company’s operations on the community and the environment,

  • e) the desirability of the Company to maintain a reputation of high standards of business conduct, and

  • f) the need to act fairly, as between members of the Company.

The directors keep in close contact with investors, employees, customers, suppliers and local communities so they are aware of their views. This ensures the directors can appropriately consider their interests in decision making.


The directors of the Group spent significant time during both 2020 and 2021 reviewing the corporate strategy for the coming years and, as a result a value creation plan has been agreed. The strategy of the Group has implications for all stakeholders and the directors obtained feedback from investors, the senior leadership team, critical business partners and employees.

During 2021 the Group continued to review aspects of its culture including its vision and values and also its core proposition. A strong culture with a focus on its clients forms an important part of the Group’s strategy.

Members and Investors

The Group formally engages with the Group’s majority shareholder and investors through parent Board meetings (normally six times a year) and regular investor updates (six times a year) providing financial, commercial, regulatory, and human resources updates.

The Board of Succession Wealth Management Limited met twice during 2021. Details of the company’s share capital, including the rights and obligations attached to the shares are set out in the notes to the Annual Report and Financial statements, which are filed at Companies House.


The Group is a large national independent financial planning organisation operating in England and Scotland. Our team of more than 160 independent Wealth Planners deliver high-quality advice to more than 17,000 clients throughout the UK, and we’re committed to helping people achieve more with their money.

Client satisfaction and feedback is of the utmost importance, and during 2021 the Group worked with Vouchedfor and Trustpilot to gather the views of clients. Some extremely positive feedback was received on both platforms. Over 1,600 client reviews were received on Vouchedfor with an overall rating of 4.8/5, together with a Trustpilot rating of 4.6/5 at the end of 2021. Planners are made aware of all reviews so that they can address any concerns directly and in a timely manner with their clients.

Clients are communicated with on a regular basis via email with a view to providing interesting, relevant updates and articles so that they remain both engaged and informed. As part of these regular communications, feedback is invited and the Trustpilot link provided. The Group's aim is to be open and transparent, and to make it easy for clients to provide swift, honest feedback.

The Group maintains separate quality and client engagement teams to ensure that clients have access to accurate and up to date information when they need it. A continuing programme of CPD and training ensures that the Group can act in the best interest of all customers.

A separate complaints team monitor all communication with clients who believe they have not been serviced correctly. Although the Group has an excellent record in this area, when the need arises the processes and systems are in place to ensure timely responses to clients and regular communication. When an agreement cannot be reached then the Group maintains contact when matters are referred to the Financial Ombudsman Service (FOS). All staff across the Group receive training in relation to complaints handling to ensure client needs always take precedence.


The directors promote the success of the Company for the benefit of the shareholders as well as the employees.

The Company is an equal opportunities employer and is committed to a policy and practice of treating all employees and job applicants equally. The Company aims to ensure that the diversity of the communities in which it works is reflected at all levels within its workforce. The current report surrounding Gender pay can be found on the Group’s website. Since 2017 the Group has made significant improvement in its gender pay gap for both pay and bonuses.

The Company’s policy is to consult and discuss with its workforce matters that affect their interests. The workforce not only includes employed staff but also any self-employed financial advisors. Information is given through information bulletins and reports which are shared via our internal online portal ‘Campus’. These seek to achieve a common awareness on the part of the whole workforce of the financial and economic factors affecting the Group's performance.

The workforce is asked to communicate with the board by taking part in an annual engagement survey. The survey is completed anonymously with the aim of ensuring that the workforce’s voice is heard and considered when decisions are being made. Updates are also provided directly by the CEO who produces regular (at least monthly) video updates with guest speakers from across the Group and he covers financial, commercial, regulatory, HR and social updates.

During the year, the Board reviewed arrangements and approved Succession’s Modern Slavery and Human Trafficking Statement, which sets out the steps taken to prevent modern slavery in our business and supply chains. The Group’s Modern Slavery Act Statement is published on our website.


The Group aims to work responsibly with our suppliers. As a Wealth Planning business, the Group controls and owns all client services and solutions and therefore the supply chain includes fund managers, investment solutions and technology providers, as well as consultants or advisors in specialist fields.

As well as suppliers of investment and insurance solutions, pension products and bespoke advice, the Group engages with many other suppliers such as business premises providers, stationery suppliers, energy providers etc. The Group operates Procurement and Third-Party policies and the business reviews all supplier contracts against these standards.

Community and Environment

The Group launched Succession Giving in 2009 which has supported a variety of both national and local causes. Nationally, the Group supported Macmillan Cancer Support in 2020 and 2021, raising a total of £56k over the 2-year period. The chosen charity for 2022 and 2023 is Young Minds.

Regional offices also support local charities through fundraising and volunteering opportunities. Supporting local, as well as national charities, not only provides much needed support and donations, but also allows opportunities for smaller and lesser-known charities to extend their reach. The Group changes its adopted national charity periodically based on an employee vote so that other worthwhile causes can benefit from our fund-raising efforts.

Throughout the year, everyone within the Group is encouraged to get involved with both well-known National events, such as Children In Need, Comic Relief and Macmillan’s big coffee morning, as well as local volunteering activities, with all funds raised split equally between the national and local charities.

In addition to the above, in June of each year, the Group holds its “Communities Day”. All teams stop work and dedicate time to raising funds for charity or spending time in the local community volunteering. The proceeds from Communities Day are matched by the Group.

Last updated July 2022